Home › Forums › Housing › Biggest percentage loss in San Diego, purchased price vs. list or sold price
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October 4, 2007 at 12:54 PM #86971October 4, 2007 at 1:45 PM #86980sdrealtorParticipant
Can I play too?
How about this yummy one in La Costa? Built in 2005, this 3BR/2.5Ba townhome with all the bells and whistles resold in 2006 for $585,000. It’s now listed as an REO with an asking price of $399,900!
That’s 32% off at the current asking price.
http://www.sdlookup.com/MLS-071054304-3169_Via_Iris_Carlsbad_CA_92009
October 4, 2007 at 2:19 PM #86987jimmyleParticipantLa Costa sounds expensive. If HOA fee is not very high and another another 15% off then I think it is a nice place to live.
October 4, 2007 at 2:22 PM #86989patientlywaitingParticipantwow, sdrealtor, looks like a great deal in La Costa. $399k? We’re beginning to see some nice properties for decent prices.
October 4, 2007 at 2:37 PM #86991bsrsharmaParticipantThe La Costa & Escondido homes are starting to show real distress. 200K+ loss in two years probably starts to create depression in the neighborhoods catalyzing further falls. They are also interesting in crossing the $417K divide.
October 4, 2007 at 2:40 PM #86992sdrealtorParticipantNot so fast bsrsbarma. This one is an exception. Lender dropped price 100K trying to dump it quickly. Sorry but not seeing anything close to real distress en mass.
October 4, 2007 at 3:11 PM #86998SD RealtorParticipantUnfortunately I don’t have buyers looking for townhomes in La Costa. They want single family detached homes.
If you are looking for townhomes or condos it is pretty easy to find some good deals.
The age old quote by sdr is engrained and in effect… alot of good deals but not alot of good properties out there.
SD Realtor
October 4, 2007 at 3:25 PM #87000bsrsharmaParticipantStill, something is going on. La Costa is pretty good quality for the bank to develop cold feet so soon. Also, What may be the story behind the Escondido house? Looks like they dropped price by $150K in a weeks time. That much fall in so short a time on fairly modest homes means something.
October 4, 2007 at 3:41 PM #87001SD RealtorParticipantYes I agree with you on the point that something is happening. It was only a matter of time. One thing that to me was nice to see was the Carmel Valley home going for 675k (it was an REO) that someone posted about a few days ago. It was originally listed at 749k as well in an area of 800k homes.
So this is very good to see.
Again, yes a 150k drop on a small home in Escondido..
Would you live there?
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Don’t get me wrong… this is all good and long overdue…
However all of these falling prices don’t seem to have stopped people from buying in 4S Ranch. We see posts here and there about people making offers there don’t we? Seems like people are also still looking for homes in Fairbanks Ranch and other high end spots. These are also the people brave enough to post here. For all of them that do I am sure they are plenty of them that do not.
Again, I am not trying to rain on the parade. I am just saying what I said before… lots of good deals, not lots of good properties (at least not where I want to live)… I am confident that over a longer period of time that they (the good properties where I want to live) will come down to where I want them to… However I think you and I may have different thoughts about that timeframe.
You see what I am saying?
SD Realtor
October 4, 2007 at 5:30 PM #87011drunkleParticipantbecause the internet is a series of pipes, pipes that get clogged up with spam and porno, not everyone has been able to visit housing sites like this one. so they don’t know what’s going on and realtors are more than happy to exploit their ignorance.
now, if the internet was a big truck, people could simply sit back and have all this information dumped right on top of them.
October 4, 2007 at 11:50 PM #87045temeculaguyParticipantSDR it’s good and it’s overdue but now that it has started it will spread, it’s the invisible hand at work. I should have paid more attention in my economics classes but Adam Smith’s theories still hold true a few hundred years later. You may not want that house in Esco or condo in La Costa but one of you competitors for Old Scripps will, thus reducing the demand for your market, and less demand results in lower prices. I’ve skipped a couple of communities, the esco home isn’t in competition with Scripps, there are a few communities in between but you get the point.
The best analogy I’ve heard is the line at a brothel. Imagine there are ten prostitutes working at a brothel and on a scale of 1-10 there is a woman working whose beauty could be scored from 1-10, with one woman representing each rating. The price is $10 multiplied by the number of men in line when it’s your turn (2 people in line=$20, 30 people in line=$300) You are in the line for the woman who is a ten, along with 50 other guys, there are ten guys in line for the 5 and nobody is in line for the 1. At some point one of the guys in the line for the 3 decides he will just switch to the 1 and wait less and pay less, then another switches from the 4 line to the 2. Ultimately there is no waiting at many of the lines rated 7 and under and the line you are in starts to fall apart, with guys switching to all sorts of lines. You can downgrade and wait/pay less or hold your ground and still wait/pay less since 30 or 40 guys got out of your line and nobody is getting in line behind you, you still wait longer but you benefit from the impatience and frugality of others.
Get it now, economics and markets can always be simplified buy using analogies involving women, alcohol or gambling, because when you boil it down that’s what we understand.
October 5, 2007 at 7:17 AM #87050bsrsharmaParticipantI think a variant of this “treasure hunt” would be interesting too. Instead of looking at the price drops, consider the velocity of fall. $100K per 30 days seems like a good indicator of economic/psychological depression. The La Costa and Escondido homes fall in that group. A rise in these “Escape Velocity” homes is probably a good indicator/predictor of price collapse.
October 5, 2007 at 8:47 AM #87054sdrealtorParticipantBS,
I’d agree to a point. One case does not make a trend…….YET. When we see more cases, it will.October 5, 2007 at 3:33 PM #87092AnonymousGuestI know you are looking at SFH on this link but I couldn’t resist posting this Penthouse condo in Little Italy…
Purchased 06/24/2005 $983,000
Listed 10/05/2007 $635,900That is $347K loss in a little over two years. The other tenants in this building must be loosing there minds.
A whopping 45% loss!!!http://www.sdlookup.com/Property-ACBE2491-425_W_Beech_St_1703_San_Diego_CA_92101#2480
The Sky is Falling!!!
October 5, 2007 at 5:15 PM #87109bsrsharmaParticipantCan any one explain these huge price differentials for adjacent units?
425 W Beech St #1701 10/28/2005 $1,500,000
425 W Beech St #1702 10/18/2005 $750,000
425 W Beech St #1704 10/17/2005 $750,000
425 W Beech St #1705 12/23/2004 $2,100,000
425 W Beech St #1706 8/8/2005 $845,000
425 W Beech St #1707 8/23/2005 $825,000I have a suspicion: these are probably drug/crime involved. A million $ doesn’t mean much for a upper level narco trafficker. Like me buying tomatoes whether a buck or 2 per lb.
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